Belships has made its first acquisition since completing a merger with Lighthouse through the purchase of a geared supramax bulker.
The Oslo-listed company said it had struck a deal for the 58,700-dwt vessel for a price of $13m from Wenaas Shipping of Norway.
While it did not disclose the identity of the vessel, it would appear to be Viola (built 2008), which is Wenaas’ last remaining wholly owned ship.
Half of the sale’s consideration will be paid in cash and the rest will be financed through the issuance of Belships shares.
In all 8,060,650 new shares will be issued to the seller at an agreed price of NOK 7.00 ($0.81) each, Belships said.
The cash payment will be made using funds from the $140m in financing Belships secured from a consortium of Scandinavian banks in mid-March.
Belships has already earmarked part of the new financing package for fleet expansion, which should be made easier with new chief executive Lars Christian Skarsgard at its helm.
Skarsgard joined the company on 15 March from Fearnleys, where he was head of sale and purchase.
The newly acquired ship, which was built at Tsuneishi Heavy Industries (Cebu) in the Philippines, is expected to be delivered to Belships during the second quarter this year.
Owners go their separate ways
With the sale of Viola, Wenaas is stepping ever nearer to making an exit from shipowning, while Belships wants to expand its fleet further.
Wenaas first circulated Viola for sale in September last year, at which point its value was estimated between $13.3m and $15.4m, according to Maritime Strategies International and VesselsValue.com.
The Wenaas group has a diverse portfolio of investments including hotels, alpine ski resorts and stocks.
Its two remaining vessels, the 75,700-dwt Ogna and Goya (built 2008), are owned 50:50 with JL Mowinckels Rederi of Bergen.
Ogna was put up for sale in March 2018, but went unsold after early offers did not meet the owners’ expectations.
Once Viola is delivered, Belships’ fleet will consist of 16 supramax and ultramax bulk carriers.
Belships will also take delivery of an ultramax newbuilding from Japan's Imabari shipyard during the first half of 2020.
“Belships' strategy going forward is to grow accretively as a fully integrated shipowner and operator of geared bulk carriers,” the company said in a release on Tuesday.
